Healthcare Realty Trust is cashing in on the rise of Seattle’s healthcare sector, one that has been growing at breakneck pace in an already throttling market. The Nashville, TN-based company is making good on what it promised two years ago when it acquired a First Hill medical office property along with an adjacent development site for a total $35 million.

According to the Puget Sound Business Journal, the development that’s set to take shape near the company’s First Hill Medical Building will be a six-story, 133,000-square-foot property. The new facility will be connected to the existing building by a central plaza. With interest in the area’s medical office properties continuing to escalate, the company will most likely fast-track the development process of its new asset.

Absorption is strong in the area, and new space is being snapped up in large amounts. The 225,000-square-foot First Hill Medical Pavilion reached 100 percent occupancy just this summer when the owning venture between Trammel Crow and Washington Capital announced a new lease with Swedish Health Services for 120,000 square feet of space.